Iraq's Basra Oil, Chevron agree to implement MOU to develop oil fields: Iraqi oil ministry

DUBAI (Reuters) - Iraq’s state-run Basra Oil Company and Chevron agreed to begin implementing a memorandum of understanding to develop fields in the south of the country, the Iraqi oil ministry said on Sunday.

Executives from the two companies have signed an agreement which outlines a program to develop the fields, which includes studies to survey the reservoirs and extraction operations, said a statement posted on the oil ministry’s website.

Iraqi Oil Minister Jabar al-Luaibi announced in June that Basra Oil and another state-run company, Dhi Qar Oil, signed an MOU with Chevron.

The MOU provides for Chevron to conduct surveys and studies on oil sites and installations and help the two Iraqi companies to improve their technical, administrative and financial performance.

Reporting by Maher Chmaytelli; Editing by Darren Schuettler